Crypto asset manager Grayscale has initiated trading for its Solana ETF (GSOL) today, but its parent company, Digital Currency Group (DCG), is selling shares of the fund before its debut. The SEC has approved the conversion from Grayscale Solana Trust to Grayscale Solana ETF. This comes shortly after a record-breaking week for Solana’s price and the launch of Bitwise’s Solana Staking ETF (BSOL). Grayscale Investments submitted Form 8-A12B and CERT, which automatically made the ETF conversion effective after its filing with the U.S. Securities and Exchange Commission. The firm had previously disclosed a 0.35% fee for the Solana ETF and updated risk factors related to staking. Grayscale Solana Trust currently holds over $102 million in assets under management (AUM) – representing about 0.09% of SOL supply. The expected initial selling volume is estimated at up to $25 million, spread across time similar to their staked SOL holdings. This makes the GSOL the second Solana ETF to launch this week after the Bitwise Solana Staking ETF (BSOL). The move has also triggered a significant surge in trading volume for both Solana and its related derivatives contracts, with massive buying activity evident on the market.